1: The Pyramid Inc. was established on June 01, 2021. The income statement for the current month, prepared by someone who has very little background in accounting, is as follows- Sales Less: Operating Expenses Advertising Maintenance Costs Direct Labor The Pyramid Inc. Income Statement For the Month Ended January 31, 2022 $220,000 $39,000 $30,000 $30,000 Indirect Labor $40,000 Utilities, Factory $10,000 Depreciation, Sales Equipment $3,000 Insurance $2,000 Purchase of Raw Materials $39,000 Rent of Facilities $13,000 Selling & Administrative Salaries $13,000 Depreciation, Factory Equipment $4,000 Operating Loss $223,000 $(3,000) The President of the Company was expecting a profitable month, so she was surprised with the result. She has asked you to redo the calculations using the proper method. Some additional information are as follows- 1 Only 50% of the rent on facilities applies to factory operations. The remainder applies to selling and administrative activities. 11. Some 60% of the maintenance and 60% of the insurance costs apply to factory operations, the remaining amounts apply to selling and administrative activities. Inventory balances at the beginning and end of May are as follows- May 1 May 31 Raw Materials $26,000 $14,000 Work in Process $20,000 $24,000 Finished Goods $20,000 $22,000 a. Prepare a schedule of cost of goods manufactured. [5 Marks) b. Prepare an income statement. [2 Marks]